Facebook shares power to a record high

On Tuesday, Facebook shares closed at $85.31 on Tuesday an all-time high for the social media network.

Over the last year, Facebook shares have outperformed the S&P 500, rising more than 26% and becoming a favorite of investors looking to play the social media and tech space. Facebook shares have now more than doubled since their debut in the spring of 2012.

In an interview on CNBC on Tuesday, Will Danoff, who runs Fidelity's Contrafund, espoused the virtues of Facebook shares and its huge user base of 1.3 billion.

Danoff said that we are "just starting to see" the monetization of Facebook's user base and said companies are most attractive as growth stocks within their first 10 years as public companies.